Can i claim hra for emi paid

Tax planning 141 views 6 replies

I HAVE BUILT A HOUSE IN THE PLOT OWNED BY MY MOTHER, MY MOTHER AND ME ARE THE CO APPLICANTS FOR THE HOME LOAN TAKEN FOR CONSTRUCTION. 

I HAVE BEEN PAYING REGULAR EMI FOR THE HOUSE FROM MY ACCOUNT AS I AM INTO JOB THUS I AM CHARGEABLE UNDER INCOME FROM SALARIES. 

CAN I CLAIM THESE EMI PAID FOR THE HOME LOAN , AS RENT TO MY MOTHER  FOR INCOME TAX PURPOSE , AS THE PROPERTY BELONGS TO HER AND SHE CAN CLAIM 80C DEDUCTION FOR HOUSING LOAN. I DONT WANT TO CLAIM 80C DEDUCTION FOR THE SAME. 

Replies (6)
The owner of the property should claim benefits of housing loan. you can't claim 80c and 24b. Though you helped your mother in getting a loan you can't claim the benefits.
agree with Mr RAJASEKAR
So now if i cannot claim 80c or 24b can i claim the same into the heads to Rent paid to mother so that i can get deduction for the same
No. Because you are not paying the emi to your mom, you are paying directly to the bank where you got a loan. You got a loan and you are repaying it.

PLEASE NOTE THE LOAN HAS BEEN TAKEN IN BOTH NAME IE MY NAME AND MY MOTHERS NAME. 

The reply has been given after considering that you're a co applicant of the home loan.


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